Portland Grain Review 05/31

May 31, 2022 Portland Price Trends 05-01-21 08-01-21 04-01-22 05-24-22 05-31-22 #1 SWW (bu) 7.85 9.25 10.75 11.70 11.35 White Club 7.85 10.75 11.75 12.20 11.85 DNS 14% 8.59 10.33 11.45 13.38 12.75 HRW 11.5% 8.03 8.33 11.14 13.47 13.27 #2 Corn (ton) 299.00 251.00 320.00 335.00 330.00 #2 Barley 180.00 200.00 270.00 275.00 275.00 Wheat...Further weakness in the wheat futures complex coming out of the long weekend weighed on west coast cash markets today. White wheat did see basis strengthen 40 cents from late last week but prices stand nearly $1.30 below recent highs. Big declines in KC and Minneapolis futures were reflected in respective losses for hard red winter 11.5% protein wheat and dark northern spring, as basis levels held unchanged. Crop Progress...USDA reported PNW winter wheat conditions held right in line with the prior week, setting at 100% of an average crop. Oregon saw a 2 point increase in moving to a 67% good to excellent, Washington slipped a point to 62% and Idaho dropped 2 points to 61%. Spring wheat plantings are complete in Washington with emergence 7% behind average at 79%, while Idaho is 96% planted with emergence 9% behind at 75%. Shipments...Weekly export inspections showed a slight uptick in U.S. wheat loadings last week, coming in at 12.6 mb to put the year-to-date total at 735 mb and 21% behind a year ago. Hard red spring and winter wheat each moved about 5 mb while soft white wheat registered less than a million bushels. The Philippines was the top wheat destination off the west coast, South Korea tool 5.2 mb of corn and China accounted for 2 mb each of corn and soybeans. -Norm Ruhoff Contributing Analyst Copyright 2022 DTN/Telvent. All Rights Reserved.